The athletic apparel and sneaker maker is scheduled to report fourth-quarter earnings on June 25. Analysts, on average, expect earnings of $1.37 a share on revenue of $6.53 billion.

"While NKE continues to drive innovation in the athletic space, we remain cautious on the shares as we believe decelerating sales over the next three to four quarters, the potential for excess inventory post the Euro Champs/Olympic sporting events, and unit declines in H2/13 will result in multiple compression," Canaccord analysts wrote in a May 22 report. "As such, we believe the risk/reward is skewing to the downside. We maintain our HOLD rating."